CIIexpects India's GDP growth to be 6.5-6.7% for FY24

Mr R Dinesh, President of the Confederation of Indian Industry (CII), said that the Indian economy is resilient in the face of a challenging global environment and does not anticipate major domestic roadblocks in the year ahead. He added that the resilience in the domestic economy comes from the healthy balance sheets of the corporates and a well-capitalised financial system. India’s medium-term growth prospects are healthy, with reforms, fiscal and monetary policies, capital investments, and productivity enhancing reforms such as GST, taxation and IBC, among others. Capital investments, at a higher scale by the government and expected fresh ones by the private sector, will drive medium-term growth, along with productivity enhancing reforms such as GST, taxation and IBC. The Government of India has implemented a range of transformational policies and campaigns, which have helped catalyse a sharp economic recovery and the resilience in growth that India is witnessing.
President CII has prioritized 8 key areas: creating institutional mechanisms for building consensus on key next generation reforms, reforms for financing India’s growth, interventions related to trade and investments, facilitation of greater and direct corporate sector participation in agriculture, management of energy transition without affecting growth, and continued thrust on Ease of Doing Business. These initiatives will help India achieve its ambition of becoming a global manufacturing hub, supply funding at lower costs, ensure easy availability of land for industrial use, decriminalise all business and economic laws, and continue thrust on Ease of Doing Business.